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Artemis Gold
Artemis Gold (ARTG) investor relations material
Artemis Gold Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved commercial production at Blackwater Mine in 2025, producing 192,808 ounces of gold in the first full year and reaching nameplate capacity quickly, with Q4 production at 68,480 ounces and strong operational results.
Announced a progressive dividend policy: CAD 0.05/share quarterly in H2 2026, rising to CAD 0.08/share in 2027, and targeting 40% of available/free cash flow returned to shareholders from 2028 onward via dividends and potential share buybacks.
Locked in growth with Phase 1A and EP2 expansion projects, aiming for over 500,000 ounces annual gold production by 2029, with Phase 1A increasing throughput by 33% by end of 2026 and EP2 boosting capacity to 21Mtpa by end of 2028.
Strengthened balance sheet with a $450 million bond issue, repaid revolving credit facility, and ended 2025 with pro forma liquidity of $853 million.
Achieved 6.5 million hours worked without a lost time incident by year-end.
Financial highlights
Q4 2025 revenue was $333.7 million, with adjusted net income of $145.8 million and adjusted EBITDA of $225.5 million; full-year revenue totaled $913.9 million and full-year adjusted EBITDA reached $610.4 million.
Record Q4 gold production of 68,480 ounces at an all-in sustaining cost (AISC) of $925/oz; full-year post-commercial AISC was $869/oz.
Q4 operating cash flow was $197.9 million, with full-year operating cash flow at $560.7 million.
Average realized gold price for spot sales in Q4 exceeded $4,168/oz, with 22,000 ounces delivered into mandatory hedge at $2,820/oz.
Q4 AISC margin was approximately $2,297/oz, or 70% of cash revenue.
Outlook and guidance
2026 gold production guidance: 265,000–290,000 ounces at AISC of $925–$1,025/oz.
Capital spending in 2026 expected at $670–$745 million, focused on growth projects and funded from operating cash flow.
Phase 1A expansion to increase mill throughput by 33% by Q4 2026; EP2 to boost capacity to 21Mtpa by end of 2028 and deliver 500,000–525,000 ounces of gold annually for the first 10 years post-completion.
Targeting over 500,000 ounces annual gold production by 2029, with ongoing optimization and expansion.
Dividend policy introduced with variable dividends from 2028 targeting 40% of free cash flow.
Quantify 2026 mandatory hedge delivery impact
Balance of organic vs M&A post-EP2 growth
EP2 construction risk mitigation effectiveness
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Next Artemis Gold earnings date
Q1 20266 May, 2026
Artemis Gold
Next Artemis Gold earnings date
Q1 20266 May, 2026
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Frequently asked questions
Artemis Gold Inc. is a Canada-based gold development company primarily focused on the development of the Blackwater Gold Project located in central British Columbia. The company's business model revolves around identifying, acquiring, and developing gold projects in mining-friendly jurisdictions, with a strategic approach that emphasizes disciplined, staged development, risk management, and optimizing economic returns for shareholders. The company is headquartered in Vancouver, British Columbia, and its shares are listed on the TSX.
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